<PAGE> 1
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT: (DATE OF EARLIEST EVENT REPORTED)
MAY 4, 2000
------------------------
CENTER TRUST, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
(FORMERLY CENTERTRUST RETAIL PROPERTIES, INC.)
COMMISSION FILE: 1-12588
<TABLE>
<S> <C>
MARYLAND 95-4444963
(STATE OR OTHER JURISDICTION (I.R.S. EMPLOYER
OF INCORPORATION OR ORGANIZATION) IDENTIFICATION NO.)
</TABLE>
3500 SEPULVEDA BOULEVARD
MANHATTAN BEACH, CALIFORNIA 90266
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: (310) 546-4520
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE> 2
ITEM 5. OTHER EVENTS
On May 4, 2000 the Registrant made available additional financial and
operational information concerning the Registrant, Center Trust, Inc., and
properties owned as of March 31, 2000, in the form of a Supplemental Information
package, a copy of which is included as an exhibit to this filing. The
Supplemental Information package is available upon request as specified therein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS:
None
EXHIBITS:
<TABLE>
<CAPTION>
EXHIBIT
NUMBER DESCRIPTION PAGE NUMBER
- ------- ----------- -----------
<C> <S> <C>
99 Supplemental Information as of March 31, 2000............... 4
</TABLE>
2
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CENTER TRUST, INC.
By: /s/ STUART J. S. GULLAND
------------------------------------
Stuart J. S. Gulland
Senior Vice President and
Chief Financial Officer
Dated: May 4, 2000
3
<PAGE> 1
EXHIBIT 99
CENTER TRUST, INC.
SUPPLEMENTAL INFORMATION
MARCH 31, 2000
TABLE OF CONTENTS
<TABLE>
<CAPTION>
PAGE
-----
<S> <C>
Company Profile............................................. 5
Operating Highlights/Capital Structure...................... 6-7
Reconciliation of Common Shares and Operating Partnership
Units Outstanding......................................... 8
Same Property Activity...................................... 9
Portfolio Highlights and Leasing Activity................... 10
Portfolio Summary........................................... 11
Portfolio Detail -- by Region............................... 12-15
Lease Expirations -- Overall Portfolio/Total Community
Shopping Centers.......................................... 16
Tenant Concentration........................................ 17
Segment Concentration....................................... 18
Consolidated Statements of Operations and Reconciliation to
Funds From Operations..................................... 19
Consolidated Balance Sheets................................. 20
Summary of Outstanding Debt................................. 21
Schedule of Mortgage Debt Maturities........................ 22
</TABLE>
4
<PAGE> 2
CENTER TRUST, INC.
COMPANY PROFILE
MARCH 31, 2000
Center Trust, Inc., is an owner, manager and developer of retail shopping
centers in the western United States. The Company owns or controls a portfolio
of 55 shopping centers, comprised of 47 community shopping centers, two regional
malls and 6 single tenant facilities comprising 11 million square feet of total
shopping center gross leasable area (GLA) and 9.4 million square feet of Company
owned GLA. The Company owns properties in five states, California, Oregon,
Washington, Nevada and Arizona.
The following Supplemental Information was prepared to provide additional
financial, operational and portfolio information as of, and for the quarter
ended, March 31, 2000 for the Company and its portfolio of assets. This
information should be read in conjunction with the Company's 1999 Form 10-K and
2000 quarterly filings on Form 10-Q.
Questions regarding the information contained in this document should be
directed to Stuart Gulland, Senior Vice President and Chief Financial Officer or
Ed Stokx, Vice President and Controller, Center Trust, Inc., 3500 Sepulveda
Boulevard, Manhattan Beach, California, 90266, telephone (310) 546-4520, fax
(310) 546-5069 or email at [email protected].
5
<PAGE> 3
CENTER TRUST, INC.
OPERATING HIGHLIGHTS
MARCH 31, 2000
(IN THOUSANDS EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
---------------------
2000 1999
------- --------
<S> <C> <C>
OPERATING HIGHLIGHTS
Funds From Operations (FFO)
FFO - Basic............................................ $ 8,942 $ 10,702
FFO - Diluted(1)....................................... $12,216 $ 14,169
FFO per share - Basic.................................. $ 0.32 $ 0.35
FFO per share - Diluted(1)............................. $ 0.33 $ 0.36
Net income Available to Common Shareholders............... $ 2,720 $ 20,892
Net Income Per Share - Basic........................... $ 0.10 $ 0.83
Net Income Per Share - Diluted......................... $ 0.10 $ 0.60
EBITDA.................................................... $23,389 $ 23,599
Funds Available for Distribution (FAD).................... $ 9,097 $ 10,864
FAD per share - Basic.................................. $ 0.32 $ 0.36
Dividends Per Share....................................... $ 0.21 $ 0.36
Interest Expense Coverage Ratios
Based on EBITDA........................................ 1.6 1.8
Based on EBITDA - Excluding Debentures................. 2.0 2.5
General & Administrative Expense.......................... $ 1,307 $ 1,530
G&A as % of Total Rental Revenue....................... 5.1% 5.7%
Ratio of Expense Recoveries to Recoverable Expenses....... 88.8% 87.7%
Ratio of Operating Expenses to Total Rental Revenue....... 34.0% 34.6%
</TABLE>
- ---------------
(1) Common shares attributed to the exchangeable and convertible debentures are
included in the weighted average calculation of diluted shares for purposes
of calculating Funds From Operations.
6
<PAGE> 4
CENTER TRUST, INC.
CAPITAL STRUCTURE
MARCH 31, 2000
(IN THOUSANDS EXCEPT SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------------
2000 1999
---------- ----------
<S> <C> <C>
EQUITY INFORMATION
Units Outstanding at End of Period........................ 1,759,442 4,938,240
Common Outstanding at End of Period....................... 26,686,488 24,437,348
---------- ----------
Total Units and Common Shares Outstanding at End of
Period................................................. 28,445,930 29,375,588
========== ==========
Basic Weighted Average Units Outstanding.................. 1,664,147 4,940,907
Basic Weighted Average Common Shares Outstanding.......... 26,647,968 25,243,256
---------- ----------
Basic Weighted Average Units and Common Shares
Outstanding............................................ 28,312,115 30,184,163
Number of Common Shares Attributed to Convertible and
Exchangeable Debentures(1)............................. 8,808,222 9,366,389
---------- ----------
Diluted Weighted Average Common Shares and Common Share
Equivalents............................................ 37,120,337 39,550,552
========== ==========
</TABLE>
<TABLE>
<CAPTION>
AS OF
-----------------------------------------
MARCH 31, DECEMBER 31, DECEMBER 31,
2000 1999 1998
--------- ------------ ------------
(IN THOUSAND, EXCEPT SHARE DATA)
<S> <C> <C> <C>
MARKET CAPITALIZATION
Stock Price Activity During Period
High............................................... $ 10.50 $ 13.00 $ 12.94
Low................................................ $ 5.94 $ 9.06 $ 9.50
Common Stock Price at End of Period................... $ 6.38 $ 9.69 $ 12.25
Equity Market Capitalization.......................... $181,485 $274,253 $ 371,481
Fixed-Rate Debt....................................... 277,290 260,928 260,491
Floating-Rate Debt.................................... 280,251 263,540 236,895
Subordinated Debentures............................... 158,548 158,548 168,599
-------- -------- ----------
Total Capitalization.................................. $897,574 $957,269 $1,037,466
======== ======== ==========
Total Capitalization Assuming Conversion of
Debentures......................................... $795,222 $884,073 $ 983,608
======== ======== ==========
Debt-to-Total Capitalization.......................... 79.8% 71.4% 64.2%
Debt-to-Total Capitalization Assuming Conversion of
Debentures......................................... 70.1% 59.3% 50.6%
</TABLE>
- ---------------
(1) Common shares attributed to the exchangeable and convertible debentures are
included in the weighted average calculation of diluted shares for purposes
of calculating Funds From Operations. Such shares are not included in the
determination of diluted EPS if they are antidilutive.
7
<PAGE> 5
CENTER TRUST, INC.
RECONCILIATION OF COMMON SHARES AND OPERATING PARTNERSHIP
UNITS OUTSTANDING
AS OF MARCH 31, 2000
<TABLE>
<CAPTION>
COMMON OPERATING PARTNERSHIP
STOCK UNITS TOTAL
---------- --------------------- ----------
<S> <C> <C> <C>
Balance, January 1, 1999........................ 25,346,727 4,978,240 30,324,967
Shares Repurchased(1)......................... (966,700) (966,700)
Units Converted to Shares..................... 40,000 (40,000) --
Shares issued for Convertible Debentures...... 222 -- 222
Issuance of Stock Awards to Employees......... 17,099 -- 17,099
---------- ---------- ----------
Balance, March 31, 1999......................... 24,437,348 4,938,240 29,375,588
Shares Repurchased(1)(2)...................... (596,101) (596,101)
Units Repurchased(3).......................... -- (3,101,617) (3,101,617)
Shares Issued................................. 2,260,232 -- 2,260,232
Issuance of Stock Awards to Employees......... 11,746 -- 11,746
---------- ---------- ----------
Balance, June 30, 1999.......................... 26,113,225 1,836,623 27,949,848
Issuance of Stock Awards to Employees......... 35,610 -- 35,610
Shares Repurchased(1)......................... (3,900) -- (3,900)
---------- ---------- ----------
Balance, September 30, 1999..................... 26,144,935 1,836,623 27,981,558
Units Converted to Shares..................... 22,375 (22,375) --
Units Retired through Sale of Assets.......... -- (159,523) (159,523)
Issuance of Stock Awards to Employees......... 480,658 -- 480,658
---------- ---------- ----------
Balance, December 31, 1999...................... 26,647,968 1,654,725 28,302,693
Units Issued.................................. -- 104,717 104,717
Issuance of Stock Awards to Employees......... 38,520 -- 38,520
---------- ---------- ----------
Balance, March 31, 2000......................... 26,686,488 1,759,442 28,445,930
========== ========== ==========
</TABLE>
- ---------------
(1) Shares purchased under $25 million repurchase program approved by the Board
of Directors. Average cost per share including commissions and other costs
was $10.78.
(2) Includes 590,034 shares repurchased from the Haagen Family on May 25, 1999.
(3) Includes 2,839,284 units repurchased from the Haagen Family on May 25, 1999
and 262,333 units repurchased from a former officer of the Company.
8
<PAGE> 6
CENTER TRUST, INC.
SAME PROPERTY ACTIVITY
MARCH 31, 2000
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------
2000 1999 % CHANGE
------- ------- --------
<S> <C> <C> <C>
COMMUNITY SHOPPING CENTERS(1)
Revenues:
Rental Revenue......................................... $19,093 $18,746 1.9%
Recoveries from Tenants................................ 5,080 4,818 5.4%
Other Income........................................... 162 190 -14.7%
------- -------
Total Revenues.................................... 24,335 23,754 2.4%
Expenses:
Recoverable Operating Expenses............................ 5,251 5,155 1.9%
Other Operating Expenses.................................. 510 502 1.6%
------- -------
Total Expenses.................................... 5,761 5,657 1.8%
------- -------
Net Operating Income........................................ $18,574 $18,097 2.6%
======= =======
Total Properties.................................. 46 46
======= =======
Percentage Leased........................................... 95.9% 92.7%
======= =======
Average Base Rent per square foot........................... $ 11.22 $ 11.08
======= =======
</TABLE>
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------
2000 1999 % CHANGE
------- ------- --------
<S> <C> <C> <C>
REGIONAL MALLS
Revenues:
Rental Revenue......................................... $ 4,451 $ 4,513 -1.4%
Recoveries from Tenants................................ 2,187 2,453 -10.8%
Other Income.............................................. 755 773 -2.3%
------- -------
Total Revenues.................................... 7,393 7,739 -4.5%
Expenses:
Recoverable Operating Expenses............................ 2,946 3,012 -2.2%
Other Operating Expenses.................................. 28 6 366.7%
------- -------
Total Expenses.................................... 2,974 3,018 1.5%
------- -------
Net Operating Income........................................ $ 4,419 $ 4,721 -6.4%
======= =======
Total Properties.................................. 2 2
======= =======
Percentage Leased........................................... 91.3% 89.1%
======= =======
Average Base Rent per square foot........................... $ 15.23 $ 16.33
======= =======
</TABLE>
Same Store properties are those which were owned as of January 1, 1999.
- ---------------
(1) Excludes Marshall's Plaza, Pacific Linen Plaza and Westgate North Shopping
Center which we are currently repositioning with new anchors.
9
<PAGE> 7
CENTER TRUST, INC.
PORTFOLIO HIGHLIGHTS AND LEASING ACTIVITY
AS OF MARCH 31, 2000
<TABLE>
<CAPTION>
AS OF
------------------------------------------
MARCH 31, DECEMBER 31, DECEMBER 31,
2000 1999 1998
---------- ------------ ------------
<S> <C> <C> <C>
PORTFOLIO HIGHLIGHTS
Company Owned GLA
Community Shopping Centers...................... 7,518,541 7,547,955 7,887,404
Regional Malls.................................. 1,328,109 1,178,109 1,178,009
Single Tenant Facilities........................ 564,842 672,007 1,119,212
Total Company Owned GLA....................... 9,411,492 9,398,071 10,184,625
Percentage Leased
Community Shopping Centers...................... 95.3% 95.0% 91.9%
Regional Malls.................................. 91.3% 90.9% 90.9%
Single Tenant Facilities........................ 100.0% 100.0% 100.0%
Overall Portfolio............................. 95.0% 94.9% 92.7%
Average Base Rent
Community Shopping Centers
Anchor........................................ $ 8.70 $ 8.70 $ 9.14
Pad........................................... $ 15.12 $ 15.05 $ 14.59
Shop.......................................... $ 15.43 $ 15.32 $ 14.79
Overall....................................... $ 11.15 $ 11.11 $ 11.26
Regional Malls
Anchor........................................ $ 10.61 $ 11.75 $ 11.69
Pad........................................... $ 18.61 $ 18.61 $ 17.99
Shop.......................................... $ 23.88 $ 24.20 $ 22.92
Overall....................................... $ 15.23 $ 16.70 $ 16.16
Single Tenant Facilities........................ $ 5.43 $ 5.97 $ 6.37
Overall Portfolio............................. $ 11.34 $ 11.40 $ 11.23
Number of Properties
Community Shopping Centers...................... 47 47 49
Regional Malls.................................. 2 2 2
Single Tenant Facilities........................ 6 7 12
Overall Portfolio............................. 55 56 63
</TABLE>
<TABLE>
<CAPTION>
THREE
MONTHS
ENDED
MARCH 31,
----------
<S> <C>
SUMMARY OF LEASING ACTIVITY -- COMMUNITY SHOPPING CENTERS
Space Vacated
Number of Leases....................................... 16
Gross Leasable Area.................................... 56,649
Base Rent per Square Foot.............................. $ 12.24
New Leases Executed
Number of Leases....................................... 18
Gross Leasable Area.................................... 113,324
Base Rent per Square Foot.............................. $ 11.82
Lease Renewals Executed
Number of Leases....................................... 39
Gross Leasable Area.................................... 139,137
New Annual Base Rent per Square Foot................... $ 15.18
Percentage Change from Prior........................... .69%
Leases with Contractual Rent Adjustments
Number of Leases....................................... 67
Gross Leasable Area.................................... 193,286
New Annual Base Rent per Square Foot................... $ 16.44
Percentage Change from Prior........................... 5.0%
</TABLE>
10
<PAGE> 8
CENTER TRUST, INC.
PORTFOLIO SUMMARY
AS OF MARCH 31, 2000
<TABLE>
<CAPTION>
NUMBER TOTAL LEASED GLA COMPANY
OF ---------------- OWNED PERCENT
PROPERTIES ANCHOR PAD SHOP GLA LEASED
---------- --------- ---------------- --------- --------- -------
<S> <C> <C> <C> <C> <C> <C>
COMMUNITY SHOPPING CENTERS
Pacific Northwest Region.................... 11 881,626 110,555 644,626 1,751,453 93.5%
Northern and Central California Region...... 7 348,261 11,808 348,386 771,380 91.8%
Southern California Region.................. 23 2,666,363 350,102 787,867 3,936,695 96.6%
Southwest Region............................ 6 633,313 57,523 323,495 1,059,013 95.8%
-- --------- ------- --------- --------- -----
TOTAL COMMUNITY SHOPPING
CENTERS......................... 47 4,529,563 529,988 2,104,374 7,518,541 95.3%
REGIONAL MALLS.............................. 2 759,515 78,594 374,655 1,328,109 91.3%
SINGLE TENANT FACILITIES.................... 6 560,942 3,900 -- 564,842 100.0%
-- --------- ------- --------- --------- -----
TOTAL PORTFOLIO................... 55 5,850,020 612,482 2,479,029 9,411,492 95.0%
== ========= ======= ========= ========= =====
<CAPTION>
AVERAGE
BASE
ANNUALIZED RENT
BASE RENT PER SQ. FT.
------------ -----------
<S> <C> <C>
COMMUNITY SHOPPING CENTERS
Pacific Northwest Region.................... $ 17,931,577 $10.95
Northern and Central California Region...... 7,413,025 10.50
Southern California Region.................. 46,209,596 12.15
Southwest Region............................ 8,329,804 8.21
------------ ------
TOTAL COMMUNITY SHOPPING
CENTERS......................... 79,884,002 11.15
REGIONAL MALLS.............................. 18,470,283 15.23
SINGLE TENANT FACILITIES.................... 3,077,083 5.45
------------ ------
TOTAL PORTFOLIO................... $101,431,368 $11.34
============ ======
</TABLE>
11
<PAGE> 9
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2000
YEAR TOTAL LEASED GLA COMPANY
BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED
PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT
------------- -------- --------- ------- --------- ---------- ------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
COMMUNITY RETAIL CENTERS
PACIFIC NORTHWEST
Covington Square.................. 1986 70,837 -- 62,210 150,163 88.6% $ 1,424,843
Covington, WA
Fairwood Shopping Center.......... 1995 109,249 10,777 81,476 206,753 97.5 1,970,302
Renton, WA
Frontier Village Shopping 1993 68,473 22,023 49,999 153,320 91.6 1,448,139
Center..........................
Lake Stevens, WA
Gresham Town Fair................. 1988 159,282 26,587 66,371 262,314 96.2 2,237,672
Gresham, OR
The Medford Center................ 1998 196,032 17,432 85,111 327,545 91.2 2,530,870
Medford, OR
Pacific Linen Plaza............... 1988 -- -- 44,432 69,432 64.0 831,322
Lynnwood, WA
Pavilions' Centre................. 1995 123,562 -- 76,647 200,209 100.0 3,061,957
Federal Way, WA
Ross Center....................... 1987 53,331 7,000 70,944 132,465 99.1 1,566,263
Portland, OR
Silverdale Shopping Center........ 1990 29,020 -- 38,267 67,287 100.0 835,248
Silverdale, WA
Vancouver Park Place.............. 1987 33,938 14,900 29,106 77,944 100.0 963,308
Vancouver, WA
Westgate North Shopping Center.... 1980 37,902 11,836 40,063 104,021 86.3 1,061,653
Tacoma, WA
--------- ------- --------- ---------- ----- ------------
Pacific Northwest Region.......... 881,626 110,555 644,626 1,751,453 93.5 17,931,577
--------- ------- --------- ---------- ----- ------------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center....... 1978 -- -- 12,740 14,115 90.3 91,659
Bakersfield, CA
Madera Marketplace................ 1992 92,278 -- 67,928 168,596 95.0 1,650,279
Madera, CA
Marshall's Plaza.................. 1989 27,000 -- 33,715 79,000 76.9 714,974
Modesto, CA
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2000
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
COMMUNITY RETAIL CENTERS
PACIFIC NORTHWEST
Covington Square.................. $10.71 Safeway, Rite-Aid
Covington, WA
Fairwood Shopping Center.......... 9.71 Safeway, Ace Hardware, Pic
Renton, WA 'N' Save, Quality Food
Centers
Frontier Village Shopping 10.31 Safeway, Bartell Drugs
Center..........................
Lake Stevens, WA
Gresham Town Fair................. 8.87 Ross Stores, Emporium, GI
Gresham, OR Joe's, Craft Warehouse
The Medford Center................ 8.48 Cinemark Theatres, Sears,
Medford, OR Emporium, Payless*,
Safeway*, Circuit City, 24
Hour Fitness
Pacific Linen Plaza............... 18.71
Lynnwood, WA
Pavilions' Centre................. 15.29 Quality Food Centers,
Federal Way, WA Barnes & Noble, Blockbuster
Music, Petco, JoAnn ETC.
Ross Center....................... 11.93 Ross Stores, Michaels, Pier
Portland, OR 1 Imports
Silverdale Shopping Center........ 12.41 Ross Stores
Silverdale, WA
Vancouver Park Place.............. 12.36 T.J. Maxx, Pier 1 Imports
Vancouver, WA
Westgate North Shopping Center.... 11.82 Quality Food Centers
Tacoma, WA
------
Pacific Northwest Region.......... 10.95
------
NORTHERN & CENTRAL CALIFORNIA REGION
Bakersfield Shopping Center....... 7.19
Bakersfield, CA
Madera Marketplace................ 10.30 Wal-Mart*, Pak-N-Sav
Madera, CA
Marshall's Plaza.................. 11.78 Marshall's
Modesto, CA
</TABLE>
12
<PAGE> 10
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2000
YEAR TOTAL LEASED GLA COMPANY
BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED
PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT
------------- -------- --------- ------- --------- ---------- ------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Mineral King Plaza................ 1983 -- -- 33,760 39,060 86.4% $ 497,801
Visalia, CA
Rheem Valley...................... 1990 51,009 5,150 86,267 153,999 92.5 1,631,695
Moraga, CA
Rosedale Village Shopping 1991 72,324 6,658 46,699 127,547 98.5 1,393,206
Center..........................
Bakersfield, CA
Southpointe Plaza................. 1982 105,650 -- 67,277 189,063 91.5 1,433,411
Sacramento, CA
--------- ------- --------- ---------- ----- ------------
Northern & Central California 348,261 11,808 348,386 771,380 91.8 7,413,025
Region............................
--------- ------- --------- ---------- ----- ------------
SOUTHERN CALIFORNIA REGION
Center of El Centro............... 1980 149,300 5,623 18,616 178,889 97.0 683,836
El Centro, CA
Country Fair Shopping Center...... 1992 96,225 27,341 31,842 163,405 95.1 2,268,522
Chino, CA
Covina Town Square................ 1997 266,383 15,918 63,618 359,611 96.2 5,123,723
Covina, CA
Date Palm Center.................. 1987 99,919 -- 12,937 117,362 96.2 1,693,651
Cathedral City, CA
El Camino North................... 1982 76,582 133,024 65,141 294,173 93.4 3,391,277
Oceanside, CA
Fire Mountain Center.............. 1987 44,481 23,432 24,465 92,378 100.0 1,821,147
Oceanside, CA
Fullerton Town Center............. 1987 177,653 19,722 33,144 255,687 90.2 3,612,972
Fullerton, CA
Gardena Gateway Center............ 1990 41,300 5,062 15,905 65,987 94.4 947,666
Gardena, CA
Huntington Center................. 1989 105,879 4,365 -- 110,244 100.0 1,285,121
Huntington Beach, CA
Kenneth Hahn Plaza................ 1987 97,186 14,598 51,263 165,047 98.8 1,551,250
Los Angeles, CA
La Verne Towne Center............. 1986 158,860 1,940 58,239 231,143 94.8 1,355,624
La Verne, CA
Lakewood Plaza.................... 1989 93,342 4,365 15,804 113,511 100.0 1,309,621
Bellflower, CA
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2000
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Mineral King Plaza................ $14.75 Vons*, Longs Drugs*
Visalia, CA
Rheem Valley...................... 11.46 T. J. Maxx, Longs Drugs
Moraga, CA
Rosedale Village Shopping 11.09 Savemart, Payless Drugs,
Center.......................... Kmart*
Bakersfield, CA
Southpointe Plaza................. 8.29 Big 5 Sporting Goods
Sacramento, CA
------
Northern & Central California 10.46
Region............................
------
SOUTHERN CALIFORNIA REGION
Center of El Centro............... 3.94 Sears, Mervyn's
El Centro, CA
Country Fair Shopping Center...... 14.60 Albertsons*, PETsMART,
Chino, CA Rite-Aid, Staples, T.J.
Maxx
Covina Town Square................ 14.81 Home Depot, Staples,
Covina, CA PETsMART, Michael's, AMC
Theatres*
Date Palm Center.................. 15.01 Sam's Club (Wal-Mart)
Cathedral City, CA
El Camino North................... 12.34 Mervyn's*, Toys 'R' Us*,
Oceanside, CA Petco*, Ross Stores,
Steinmart
Fire Mountain Center.............. 19.71 Strouds, Lamps Plus, Trader
Oceanside, CA Joe's, Bookstar
Fullerton Town Center............. 15.67 Price Club*, AMC Theatres,
Fullerton, CA Toys 'R' Us, Office Depot
Gardena Gateway Center............ 15.22 Marukai (Rite-Aid), 99
Gardena, CA Ranch Market
Huntington Center................. 11.66 Toys 'R' Us, Albertson's
Huntington Beach, CA
Kenneth Hahn Plaza................ 9.51 Food 4 Less, Pic 'N' Save
Los Angeles, CA Rite-Aid, Super Trak Auto
La Verne Towne Center............. 6.19 Target, Top Valu
La Verne, CA (Albertson's)
Lakewood Plaza.................... 11.54 Stater Bros. (Albertson's),
Bellflower, CA Staples
</TABLE>
13
<PAGE> 11
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2000
YEAR TOTAL LEASED GLA COMPANY
BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED
PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT
------------- -------- --------- ------- --------- ---------- ------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Loma Square....................... 1980 96,514 -- 111,670 210,704 98.8% $ 2,825,647
San Diego, CA
Montebello Town Square............ 1992 210,533 7,879 25,167 250,438 97.3 2,712,175
Montebello, CA
Mountain Square Shopping Center... 1988 185,945 -- 70,099 273,189 93.7 3,098,242
Upland, CA
North County Plaza................ 1987 43,610 28,720 72,045 153,325 94.2 2,105,519
Carlsbad, CA
Parkway Place..................... 1989 91,127 12,917 15,347 120,425 99.1 1,225,856
Escondido, CA
Pomona Gateway Center............. 1993 96,418 6,487 1,000 103,905 100.0 923,447
Pomona, CA
San Fernando Mission Plaza........ 1991 50,508 2,293 14,391 67,192 100.0 906,054
San Fernando, CA
Torrance Promenade................ 1991 215,562 20,496 30,183 266,907 99.8 4,174,802
Torrance, CA
Vermont-Slauson Shopping Center... 1981 142,411 3,720 23,613 169,744 100.0 996,512
Los Angeles, CA
Vineyards Marketplace............. 1991 21,415 -- 33,378 56,019 97.8 810,661
Rancho Cucamonga, CA
Vista Balboa...................... 1988 105,210 12,200 -- 117,410 100.0 1,386,271
San Diego, CA
--------- ------- --------- ---------- ----- ------------
Southern California Region.......... 2,666,363 350,102 787,867 3,936,695 96.6 46,209,596
--------- ------- --------- ---------- ----- ------------
SOUTHWEST REGION
Charleston Plaza.................. 1989 153,131 21,128 52,872 234,496 96.9 2,414,586
Las Vegas, NV
Kyrene Village Shopping Center.... 1987 95,957 5,120 56,230 161,174 97.6 1,214,931
Chandler, AZ
North Mountain Village............ 1985 41,215 -- 51,191 94,379 97.9 877,930
Phoenix, AZ
Randolph Plaza.................... 1999 136,110 6,150 30,391 180,382 95.7 1,019,497
Tucson, AZ
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2000
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Loma Square....................... $13.57 T.J. Maxx, Circuit City,
San Diego, CA Sav- on Drugs, Super Crown
Books, Staples
Montebello Town Square............ 11.13 Sears, Toys 'R' Us, AMC
Montebello, CA Theatres, Petco
Mountain Square Shopping Center... 12.10 Home Depot, Staples,
Upland, CA Pavilions, Factory 2 U
North County Plaza................ 14.58 Marshall's, Michael's, Kids
Carlsbad, CA 'R' Us
Parkway Place..................... 10.27 Albertsons, Office Depot
Escondido, CA
Pomona Gateway Center............. 8.89 Vons, Pic 'N' Save
Pomona, CA
San Fernando Mission Plaza........ 13.48 Value Plus (Vons)
San Fernando, CA
Torrance Promenade................ 15.68 Ross, Marshall's, Office
Torrance, CA Depot, Linens 'n Things,
Bookstar, Sears Homelife,
Loehmann's, Kids 'R' Us
Vermont-Slauson Shopping Center... 5.87 Ralphs, Kmart, Sav-on Drugs
Los Angeles, CA
Vineyards Marketplace............. 14.79 Albertson's*, Sav-on Drugs
Rancho Cucamonga, CA
Vista Balboa...................... 11.81 Albertsons, SportMart
San Diego, CA
------
Southern California Region.......... 12.15
------
SOUTHWEST REGION
Charleston Plaza.................. 10.63 Home Base, Lucky*, Sav-on
Las Vegas, NV Drugs
Kyrene Village Shopping Center.... 7.72 Basha's, Kyrene Lanes
Chandler, AZ
North Mountain Village............ 9.50 Fry's Food & Drug*, T. J.
Phoenix, AZ Maxx, Greenbacks
Randolph Plaza.................... 5.90 Fry's, Walgreen's,
Tucson, AZ MacFrugal's
</TABLE>
14
<PAGE> 12
<TABLE>
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2000
YEAR TOTAL LEASED GLA COMPANY
BUILT OR ----------------------------- OWNED PERCENT ANNUALIZED
PROPERTY NAME REMODEL ANCHOR PAD SHOP GLA LEASED BASE RENT
------------- -------- --------- ------- --------- ---------- ------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
Southern Palms Center............. 1980 103,875 20,025 111,797 251,663 93.7% $ 2,078,844
Tempe, AZ
Sunrise Place Center.............. 1992 103,025 5,100 21,014 136,919 94.3 724,015
Tucson, AZ
--------- ------- --------- ---------- ----- ------------
Southwest Region.................... 633,313 57,523 323,495 1,059,013 95.8 8,329,804
--------- ------- --------- ---------- ----- ------------
COMMUNITY RETAIL CENTERS............ 4,529,563 529,988 2,104,374 7,518,541 95.3 79,884,002
--------- ------- --------- ---------- ----- ------------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza...... 1988 291,554 29,610 150,695 509,704 92.6 6,571,462
Los Angeles, CA
Media City Center................. 1992 467,961 48,984 223,960 818,405 90.5 11,898,821
Burbank, CA
--------- ------- --------- ---------- ----- ------------
REGIONAL MALLS...................... 759,515 78,594 374,655 1,328,109 91.3 18,470,283
--------- ------- --------- ---------- ----- ------------
SINGLE TENANT FACILITIES
Kmart............................. 1990 104,204 -- -- 104,204 100.0 551,576
Phoenix, AZ
Kmart............................. 1990 86,479 -- -- 86,479 100.0 457,744
Banning, CA
Kmart............................. 1990 86,479 -- -- 86,479 100.0 507,915
El Centro, CA
Kmart............................. 1990 86,479 -- -- 86,479 100.0 415,951
Madera, CA
Kmart............................. 1990 86,479 -- -- 86,479 100.0 411,132
Rocklin, CA
Sam's Club........................ 1988 110,822 3,900 -- 114,722 100.0 732,765
Downey, CA
--------- ------- --------- ---------- ----- ------------
SINGLE TENANT FACILITIES............ 560,942 3,900 -- 564,842 100.0 3,077,083
--------- ------- --------- ---------- ----- ------------
TOTAL PROPERTIES.................... 5,850,020 612,482 2,479,029 9,411,492 95.0 $101,431,368
========= ======= ========= ========== ===== ============
<CAPTION>
CENTER TRUST, INC.
PORTFOLIO DETAIL -- BY REGION
AS OF MARCH 31, 2000
AVERAGE
BASE
RENT
PROPERTY NAME PER SQ. FT. ANCHOR OR PRINCIPAL TENANTS
------------- ----------- ---------------------------
<S> <C> <C>
Southern Palms Center............. $ 8.82 Food 4 Less, Heilig Meyer
Tempe, AZ Furniture, Staples, Coomers
Craft Mall
Sunrise Place Center.............. 5.61 Smith's Food & Drug
Tucson, AZ
------
Southwest Region.................... 8.21
------
COMMUNITY RETAIL CENTERS............ 11.15
------
REGIONAL MALLS
Baldwin Hills Crenshaw Plaza...... 13.93 Sears*, Robinsons-May*,
Los Angeles, CA Wal-Mart, Albertsons, T.J.
Maxx, Sony/Magic Johnson
Theaters
Media City Center................. 16.06 Macy's, IKEA*, Sears*,
Burbank, CA Mervyn's*, AMC Theatres,
Sports Chalet, CompUSA,
Barnes & Noble, Virgin
Megastore
------
REGIONAL MALLS...................... 15.23
------
SINGLE TENANT FACILITIES
Kmart............................. 5.29 Kmart
Phoenix, AZ
Kmart............................. 5.29 Kmart
Banning, CA
Kmart............................. 5.87 Kmart
El Centro, CA
Kmart............................. 4.81 Kmart
Madera, CA
Kmart............................. 4.75 Kmart
Rocklin, CA
Sam's Club........................ 6.39 Sam's Club (Wal-Mart)
Downey, CA
------
SINGLE TENANT FACILITIES............ 5.45
------
TOTAL PROPERTIES.................... $11.34
======
</TABLE>
- ---------------
* Anchor space non-owned by Company
15
<PAGE> 13
CENTER TRUST, INC.
LEASE EXPIRATIONS -- OVERALL PORTFOLIO
MARCH 31, 2000
<TABLE>
<CAPTION>
OVERALL PORTFOLIO ANCHORS PADS SHOPS
----------------------------- -------------------- ------------------ --------------------
NUMBER BASE BASE BASE BASE
YEAR OF OF SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER
EXPIRATION LEASES FEET SQ. FT. FEET SQ. FT. FEET SQ. FT. FEET SQ. FT.
---------- ------ --------- -------- --------- -------- ------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
M-T-M................ 122 214,125 $12.73 42,420 $ 2.30 1,000 $13.00 170,705 $15.30
2000................. 147 354,974 14.68 84,447 8.01 31,059 13.06 239,468 17.25
2001................. 228 679,576 14.16 237,558 8.02 33,147 17.01 408,871 17.49
2002................. 210 809,252 12.58 379,299 7.08 52,448 18.33 377,505 17.30
2003................. 145 577,489 11.71 230,054 4.86 48,729 16.14 298,706 16.26
2004................. 152 885,146 11.18 526,080 7.36 39,488 17.54 319,578 16.69
2005................. 89 505,812 15.06 233,340 13.53 46,369 16.08 226,103 16.42
2006................. 53 448,616 12.56 274,068 10.28 37,105 13.07 137,443 16.97
2007................. 38 348,494 11.58 194,957 8.31 45,363 11.84 108,174 17.37
2008................. 29 378,948 11.57 316,437 10.27 29,171 20.02 33,340 16.53
2009................. 28 580,791 7.94 499,666 6.16 62,362 17.78 18,763 22.52
THEREAFTER........... 101 3,158,308 9.74 2,831,694 9.26 186,241 14.10 140,373 13.61
----- --------- ------ --------- ------ ------- ------ --------- ------
TOTAL....... 1,342 8,941,531 $11.34 5,850,020 $ 8.63 612,482 $15.52 2,479,029 $16.71
===== ========= ====== ========= ====== ======= ====== ========= ======
</TABLE>
LEASE EXPIRATIONS -- TOTAL COMMUNITY SHOPPING CENTERS
MARCH 31, 2000
<TABLE>
<CAPTION>
OVERALL PORTFOLIO ANCHORS PADS SHOPS
----------------------------- -------------------- ------------------ --------------------
NUMBER BASE BASE BASE BASE
YEAR OF OF SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER SQUARE RENT PER
EXPIRATION LEASES FEET SQ. FT. FEET SQ. FT. FEET SQ. FT. FEET SQ. FT.
---------- ------ --------- -------- --------- -------- ------- -------- --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
M-T-M................ 68 140,853 $10.66 42,420 $ 2.30 1,000 $13.00 97,433 $14.23
2000................. 117 315,164 13.87 84,447 8.01 27,159 13.72 203,558 16.33
2001................. 187 633,399 12.80 237,558 8.02 33,147 17.01 362,694 15.55
2002................. 177 756,326 11.50 379,299 7.08 51,408 17.81 325,619 15.66
2003................. 123 539,159 10.92 230,054 4.86 48,729 16.14 260,376 15.29
2004................. 125 809,144 10.22 495,508 7.08 31,188 18.68 282,448 14.80
2005................. 75 386,089 13.19 135,761 8.79 44,649 15.49 205,679 15.59
2006................. 45 403,960 11.91 248,764 9.39 30,695 14.14 124,501 16.41
2007................. 31 297,936 10.51 194,957 8.31 45,363 11.84 57,616 16.90
2008................. 25 327,782 10.25 271,480 9.11 24,171 16.71 32,131 14.98
2009................. 23 455,928 8.03 388,844 6.12 48,880 18.10 18,204 21.90
THEREAFTER........... 77 2,098,185 10.96 1,820,471 10.66 143,599 12.73 134,115 13.14
----- --------- ------ --------- ------ ------- ------ --------- ------
TOTAL....... 1,073 7,163,925 $11.15 4,529,563 $ 8.70 529,988 $15.12 2,104,374 $15.43
===== ========= ====== ========= ====== ======= ====== ========= ======
</TABLE>
16
<PAGE> 14
CENTER TRUST, INC.
SUMMARY OF TENANTS WITH RENTS EXCEEDING 1% OF TOTAL RENTS
AS OF MARCH 31, 2000
<TABLE>
<CAPTION>
PERCENTAGE
PERCENTAGE TOTAL OF COMPANY
NUMBER OF ANNUALIZED OF TOTAL TENANT OWNED
NUMBER RETAIL TENANT STORES BASE RENT BASE RENT GLA GLA
- ------ ------------- --------- ----------- ---------- --------- ----------
<C> <S> <C> <C> <C> <C> <C>
1 AMC THEATRES(1).................. 6 $ 5,907,780 5.82% 259,842 2.91%
2 AMERICAN STORES.................. 10 3,677,277 3.62% 450,624 5.04%
(SAV-ON, ALBERTSON'S)
3 SAFEWAY/VONS..................... 7 3,321,091 3.27% 393,819 4.40%
4 SAM'S CLUB (WAL-MART)............ 3 3,038,834 3.00% 360,741 4.03%
5 K-MART........................... 6 2,562,498 2.53% 532,624 5.96%
6 FRED MEYERS (RALPHS/FFL/QFC)..... 6 1,995,879 1.97% 299,699 3.35%
7 T.J. MAXX........................ 9 1,991,976 1.96% 247,614 2.77%
8 HOME DEPOT....................... 2 1,875,930 1.85% 200,549 2.24%
9 TOYS 'R' US...................... 5 1,802,233 1.78% 180,780 2.02%
10 SEARS............................ 6 1,671,983 1.65% 302,041 3.38%
11 STAPLES.......................... 6 1,512,321 1.49% 136,513 1.53%
12 BARNES & NOBLE................... 4 1,434,609 1.41% 70,276 0.79%
13 MAGIC JOHNSON THEATRES........... 1 1,288,210 1.27% 67,579 0.76%
14 ROSS STORES INC.................. 5 1,166,621 1.15% 142,852 1.60%
15 OFFICE DEPOT..................... 4 1,111,023 1.10% 101,594 1.14%
16 CIRCUIT CITY..................... 3 1,088,400 1.07% 84,680 0.95%
17 PAYLESS SHOE SOURCE.............. 16 1,056,466 1.04% 54,409 0.61%
-- ----------- ----- --------- -----
TOTAL............................ 99 $36,503,131 35.98% 3,886,236 43.46%
== =========== ===== ========= =====
</TABLE>
- ---------------
(1) Subsequent to March 31, 2000, the Company sold its freestanding AMC Theatre
at Covina Town Square. As a result the percentage of Total Base Rent
attributable to AMC Theatre is 3.54%.
17
<PAGE> 15
CENTER TRUST, INC.
MAJOR SEGMENT CONCENTRATION EXCEEDING 2% OF TOTAL RENTS
AS OF MARCH 31, 2000
<TABLE>
<CAPTION>
PERCENTAGE
TOTAL SEGMENT PERCENT TOTAL OF COMPANY
NUMBER OF ANNUALIZED OF TOTAL SEGMENT OWNED
NUMBER RETAIL TENANT LEASES BASE RENT BASE RENT GLA GLA
- ------ ------------- --------- ------------- --------- --------- ----------
<C> <S> <C> <C> <C> <C> <C>
1 GROCERY STORES................... 25 $10,169,507 10.02% 1,275,140 14.26%
2 THEATRES......................... 8 7,994,557 7.88% 384,694 4.30%
3 FAST FOOD RESTAURANTS............ 194 7,086,625 6.98% 330,429 3.69%
4 DISCOUNT DEPT. STORES............ 11 6,310,887 6.22% 1,113,747 12.45%
5 RESTAURANTS...................... 72 5,727,911 5.65% 371,178 4.15%
6 DISCOUNT APPAREL STORES.......... 36 4,496,999 4.43% 495,491 5.54%
7 WOMEN'S WEAR..................... 59 4,071,024 4.01% 272,826 3.05%
8 AUDIO/VIDEO STORES............... 35 3,534,879 3.48% 189,057 2.11%
9 HOME FURNISHINGS................. 24 3,265,591 3.22% 230,052 2.57%
10 HOME IMPROVEMENT................. 12 3,127,758 3.08% 362,961 4.06%
11 BEAUTY SUPPLY/SALONS............. 106 3,029,510 2.99% 171,514 1.92%
12 DEPARTMENT STORES................ 9 2,802,871 2.76% 704,610 7.88%
13 BANK/FINANCIAL SERVICES.......... 59 2,532,968 2.50% 160,980 1.80%
14 OFFICE SUPPLY STORES............. 10 2,452,598 2.42% 224,937 2.52%
15 VARIETY STORES................... 32 2,407,949 2.37% 277,498 3.10%
16 MAJOR SHOE STORES................ 38 2,368,776 2.33% 119,804 1.34%
17 ELECTRONICS...................... 21 2,153,823 2.12% 141,346 1.58%
--- ----------- ----- --------- -----
TOTAL............................ 751 $73,534,233 72.48% 6,826,264 76.33%
=== =========== ===== ========= =====
</TABLE>
18
<PAGE> 16
CENTER TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
AND RECONCILIATION TO FUNDS FROM OPERATIONS
(IN THOUSANDS)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31,
------------------
2000 1999
------- -------
(UNAUDITED)
<S> <C> <C>
Rental revenues............................................. $25,209 $26,225
Expense reimbursements...................................... 7,710 8,133
Percentage rents............................................ 333 618
Other income................................................ 1,589 1,190
------- -------
Total Revenues.................................... 34,841 36,166
------- -------
Interest.................................................... 14,691 13,095
Depreciation and amortization............................... 6,469 6,026
Property operating costs:
Common area............................................... 5,126 5,527
Property taxes............................................ 3,334 3,607
Leasehold rentals......................................... 364 424
Marketing................................................. 218 141
Other operating........................................... 1,103 1,338
General and administrative.................................. 1,307 1,530
------- -------
Total Expenses.................................... 32,612 31,688
------- -------
Income from Operations before Other Items................... 2,229 4,478
Gain on Sale of Assets...................................... 2,575 20,575
Minority interests -- Operating Partnership................. (146) (4,089)
Minority interests -- Other................................. (74) (72)
------- -------
Net Income before Extraordinary Loss........................ 4,584 20,892
Extraordinary Loss -- Early Extinguishment of Debt.......... (1,864) --
------- -------
Net Income.................................................. $ 2,720 $20,892
------- -------
Adjustments to reconcile net income to FFO:
Depreciation of real property............................. 6,411 5,993
Minority Interests........................................ 59 4,009
Extraordinary Loss -- Early Extinguishment of Debt........ 1,864 --
Gain on Sale of Assets.................................... (2,575) (20,575)
Other..................................................... 463 383
------- -------
Funds From Operations -- Basic.............................. 8,942 10,702
Adjustments to reconcile Basic to Diluted FFO:
Debenture interest........................................ 2,954 3,142
Amortization of Deferred costs -- Debentures.............. 320 325
------- -------
Funds From Operations -- Diluted(1)......................... $12,216 $14,169
======= =======
</TABLE>
- ---------------
(1) For purposes of computing FFO, diluted information assumes the conversion of
the Company's Debentures at $18 per share as well as other common stock
equivalents.
19
<PAGE> 17
CENTER TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
ASSETS
<TABLE>
<CAPTION>
MARCH 31, DECEMBER 31,
2000 1999
----------- ------------
(UNAUDITED)
<S> <C> <C>
ASSETS
Rental Properties........................................... $1,027,281 $1,030,689
Accumulated depreciation and amortization................... (147,937) (143,610)
---------- ----------
Rental properties, net.................................... 879,344 887,079
Cash and cash equivalents................................... 25,384 5,204
Tenant receivables, net..................................... 13,452 12,267
Other receivables........................................... 12,983 6,181
Restricted cash and securities.............................. 21,149 20,577
Deferred charges, net....................................... 22,944 20,966
Other assets................................................ 3,254 3,305
---------- ----------
Total............................................. $ 978,510 $ 955,579
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Secured debt................................................ $ 557,541 $ 524,468
7 1/2% Convertible subordinated debentures.................. 128,548 128,548
7 1/4% Exchangeable subordinated debentures................. 30,000 30,000
Accrued distributions....................................... 5,761 9,963
Accrued interest............................................ 3,459 5,441
Accounts payable and other accrued expenses................. 6,382 6,760
Accrued construction costs.................................. 1,100 1,753
Tenant security and other deposits.......................... 5,667 5,948
---------- ----------
Total liabilities........................................... 738,458 712,881
========== ==========
MINORITY INTERESTS
Operating partnership (1,759,442 and 1,654,725 units issued
as of March 31, 2000 and December 31, 1999,
respectively)............................................. 14,504 14,091
Other minority interests.................................... 1,393 1,319
---------- ----------
Total minority interest..................................... 15,897 15,410
---------- ----------
STOCKHOLDERS' EQUITY
Common stock ($.01 par value, 100,000,000 shares authorized;
26,686,488 and 26,647,968 shares issued and outstanding as
of March 31, 2000 and December 31, 1999, respectively).... 266 266
Additional paid-in capital.................................. 361,153 361,412
Accumulated distributions and deficit....................... (137,264) (134,390)
---------- ----------
Total stockholders' equity.................................. 224,155 227,288
---------- ----------
Total............................................. $ 978,510 $ 955,579
========== ==========
</TABLE>
20
<PAGE> 18
CENTER TRUST, INC.
SUMMARY OF OUTSTANDING DEBT
MARCH 31, 2000
(IN THOUSANDS)
<TABLE>
<CAPTION>
BALANCE BALANCE
MATURITY YEARS TO MARCH 31, DECEMBER 31,
LENDER PROPERTY RATE DATE MATURITY 2000 1999
------ -------- ------ -------- -------- --------- ------------
<S> <C> <C> <C> <C> <C> <C>
FIXED RATE MORTGAGES
Principal Mutual Life Insurance Company... North Mountain Village 8.250% 05/01/01 1.1 $ 8,168 $ 8,182
Metropolitan Life Insurance Company....... Date Palm 10.450% 07/31/02 2.3 9,218 9,254
The Travelers Insurance Company........... North County 10.375% 01/31/03 2.8 15,490 15,573
Nomura Asset Capital Corporation(1)....... Tranche A 8.938% 04/01/05 5.0 22,150 22,198
DLJ Mortgage Acceptance Corp.............. Charleston 8.050% 01/01/06 5.8 15,146 15,201
Teachers.................................. Pavilions 7.440% 08/01/06 6.3 23,950 24,064
Column Financial, Inc..................... Mineral King 9.680% 08/01/06 6.3 3,650 3,673
Eastrich #79 Corporation (AEW)(2)......... Loan # 1 11.450% 10/15/06 6.5 19,663 19,909
Eastrich #79 Corporation (AEW)(3)......... Loan # 2 10.900% 10/15/06 6.5 9,048 9,153
Chase Commercial Mortgage Banking Corp.... Torrance Promenade 8.300% 11/10/09 9.6 29,931 29,981
Chase Commercial Mortgage Banking Corp.... Vineyards Marketplace 8.300% 11/10/09 9.6 5,182 5,191
Chase Commercial Mortgage Banking Corp.... Kyrene Village 8.300% 11/10/09 9.6 7,932 7,945
Nomura Asset Capital Corporation(1)....... Tranche B 9.000% 04/01/10 10.0 32,904 32,975
Merrill Lynch Credit Corporation(9)....... Covina-AMC Theatre 8.440% 04/01/10 10.0 17,390 --
Aid Association for Lutherans............. Westgate North 8.300% 04/01/14 14.0 5,788 5,846
First Union National Bank................. Gardena, Gresham, Loma 7.750% 07/01/09 9.3 51,680 51,784
Square & Southpointe
---- -------- --------
Total Fixed-Rate Mortgages.......... 8.765% 7.62 277,290 260,928
---- -------- --------
VARIABLE-RATE MORTGAGES
First Union National Bank(8).............. Covina, Randolph Plaza 8.500% 06/01/02 2.2 57,810 58,017
Fairwood & Mountain Square
First Union National Bank(8).............. Fire Mountain 8.500% 08/01/02 2.3 11,408 11,448
---- -------- --------
Total Variable-Rate Mortgages....... 8.500% 2.20 69,218 69,465
---- -------- --------
OTHER SECURED DEBT
CRA -- Certificates of Participation,
Series 1985............................. Baldwin Hills 5.300% 12/01/14 14.7 30,000 30,000
CDC -- Certificates of Participation,
Series 1985............................. Willowbrook 5.200% 12/01/15 15.7 6,000 6,000
Chase Manhattan Bank(4)................... Secured Line of Credit 158,075
G.E. Capital(5)........................... Secured Line of Credit 8.640% 03/31/02 2.00 175,033
---- -------- --------
Total Other Secured Debt............ 8.067% 4.19 211,033 194,075
---- -------- --------
TOTAL SECURED DEBT.................. 8.468% 5.65 557,541 524,468
---- -------- --------
Convertible debentures(6)................. 7.500% 01/15/01 0.8 128,548 128,548
Exchangeable debentures(7)................ 7.250% 12/27/03 3.7 30,000 30,000
---- -------- --------
TOTAL DEBT OUTSTANDING.............. 8.243% 4.70 $716,089 $683,016
==== ======== ========
</TABLE>
- ---------------
(1) Secured by San Fernando Mission, Rosedale, Country Fair, Fullerton, La
Verne, and $10.6 million of U.S. Treasury Securities.
(2) Secured by KMart -- Rocklin, KMart -- El Centro, KMart -- Banning,
KMart -- Madera, KMart -- Phoenix, Advantage and Huntington Beach.
(3) Secured by Lakewood, Sam's Club -- Downey, and Parkway Place.
(4) Secured line of credit replaced with new GE Capital line of credit March 31,
2000. See (5) below.
(5) Secured by Media City, Montebello, Medford Shopping Center, Ross Center,
Madera Marketplace, Pacific Linen, Vancouver Park Place, Sunrise Place,
Marshall's Plaza, Ross Plaza -- Silverdale, Covington, Frontier Village and
Rheem Valley. Interest based on LIBOR plus 250 basis points.
(6) Convertible debentures bear interest at 7 1/2% and mature January 15, 2001.
Such debentures are convertible into common stock at a conversion price of
$18.00 per share.
(7) Exchangeable debentures bear interest at 7 1/4% and mature December 31,
2003. Such debentures are convertible into common stock at a conversion
price of $18.00 per share or may be put to the Company after December 27,
2000 for the principal amount plus accrued interest.
(8) Interest based on LIBOR plus 250 basis points.
(9) Loan secured by freestanding AMC Theatre; Theatre was subsequently sold
April 17, 2000 and loan assumed by new owner.
21
<PAGE> 19
CENTER TRUST, INC.
SCHEDULE OF MORTGAGE DEBT MATURITIES
MARCH 31, 2000
<TABLE>
<CAPTION>
SCHEDULED PERCENT OF
AMORTIZATION SCHEDULED DEBT
YEAR PAYMENTS MATURITIES MATURING TOTAL
---- ------------ ---------- ---------- --------
<S> <C> <C> <C> <C>
2000........................................... $ 3,900 -- $ 3,900
2001........................................... 5,573 $ 8,105 1.6% 13,678
2002........................................... 5,223 251,015(1) 48.7% 256,238
2003........................................... 4,610 14,434 2.8% 19,044
2004........................................... 4,930 -- 0.0% 4,930
2005........................................... 4,934 20,953 4.1% 25,887
2006........................................... 3,976 53,846 10.4% 57,822
2007........................................... 2,176 -- 2,176
2008........................................... 2,333 -- 2,333
2009........................................... 1,906 85,212 16.5% 87,118
Thereafter..................................... 2,639 81,776 15.9% 84,415
------- -------- ---- --------
Total.......................................... $42,200 $515,341 100% $557,541
======= ======== ==== ========
</TABLE>
- ---------------
(1) Includes amount outstanding on the Company's secured credit facility which
is due on March 31, 2002.
22
